What CBN’s new policy on diaspora remittances means for naira to dollar exchange — Gwadabe
The Central Bank of Nigeria has introduced new rules on diaspora remittances, aimed at improving the foreign exchange system. According to Aminu Gwadabe, the policy will help make the market more transparent and efficient. The new directive requires International Money Transfer Operators to route funds through naira settlement accounts. It also mandates the use of […]
Naira records first appreciation against US dollar
The Naira appreciated on Tuesday against the US Dollar at the official foreign exchange market for the first time in two working days. Data from the Central Bank of Nigeria showed it rose to N1,382.63 from N1,388.38 on Monday, marking a gain of N5.7 per dollar. This uptrend followed a N34.48 decline recorded on Monday, […]
Naira extends significant appreciation against US dollar
The Naira continued its rally against the US dollar at the official foreign exchange market on Monday. Data from the Central Bank of Nigeria showed the naira strengthened to N1,357.77 per dollar, up from N1,366.23 on Friday. This represents a gain of N8.46 against the dollar at the official rate. Meanwhile, the black market showed […]
Naira extends appreciation against US dollar, gains N35 in four days
The Naira continued its upward trend against the US dollar at the official foreign exchange market, strengthening to N1,366.23 per dollar on Friday from N1,371.51. This reflects a daily appreciation of N5.28, according to the Central Bank of Nigeria. Since Tuesday, March 10, the local currency has gained a total of N35.17 per dollar, showing […]
Again, Dangote Refinery increases petrol price to N1,175, diesel to N1,620
The Dangote Petroleum Refinery has raised the price of Premium Motor Spirit (PMS) to N1,175 per litre, up from N995, marking the third increase in a single week. Diesel prices were also adjusted to N1,620 per litre. The N180 jump in PMS within three days represents an 18.1% increase, reflecting rising costs in the domestic […]
Naira records second straight week of massive depreciation against US dollar
Nigeria’s currency, the Nigerian Naira, has recorded another week of decline against the United States Dollar in both official and parallel markets. Data released by the Central Bank of Nigeria showed the exchange rate dropped further at the end of the week. According to the figures, the naira closed at N1,393.26 per dollar compared to […]
Naira records highest single-day depreciation against US dollar
The Nigerian Naira fell sharply against the US dollar on Monday, marking its largest single-day depreciation this year. At the official exchange rate, the currency dropped to N1,378.03 per dollar, down from N1,363.39 on Friday. In the black market, the Naira also weakened, closing at N1,380 per dollar, down N5 from last week, narrowing the […]
Naira records highest depreciation against US dollar
The Nigerian currency has fallen to its weakest level yet against the US dollar, marking a new low that has raised fresh concerns among businesses and citizens. Analysts say the sharp drop reflects ongoing pressure from foreign exchange demand, limited dollar supply, and economic uncertainties. Financial observers note that currency depreciation can increase the cost […]
Naira records mixed sentiments against US dollar across official, black markets
The Nigerian Naira recorded mixed trends against the US dollar on Wednesday, with fluctuations observed across both official and parallel markets. While some windows showed slight gains, others experienced minor declines, reflecting market uncertainty. At the official interbank rate, the Naira remained relatively stable, trading within narrow margins, while the black market exhibited higher volatility […]
Naira continues to appreciate against US dollar as CBN directs FX sales to BDCs
The Nigerian naira has continued to gain value against the United States dollar following a new directive from the Central Bank of Nigeria (CBN). The apex bank instructed authorised dealers to sell foreign exchange to Bureau De Change (BDC) operators in a move aimed at improving dollar supply in the retail market. Financial analysts say […]